The Cards and Payments Industry in Venezuela: Emerging Trends and Opportunities to 2020

March 2017

46 pages

ID: 4806087

In this report:

With government efforts to enhance electronic payments in Venezuela, the use of checks is expected to gradually decline over the forecast period (2016-2020).

From 2013, however, the economy experienced signs of slow growth, eventually moving into recession, with real GDP growth rates going from ##.##% in 2013 to -##.##% in 2016.

According to the International Organization for Migration, immigrants accounted for ##.##% of the country's population in 2015.

Summary

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The Cards and Payments Industry in Venezuela: Emerging Trends and Opportunities to 2020

Brief

GlobalData's 'The Cards and Payments Industry in Venezuela: Emerging Trends and Alternatives to 2020' report offers exhaustive analysis of market trends in the Venezuelan cards and payments industry. It offers values and volumes for a number of main performance indicators in the industry, including credit transfers, checks, payment cards and direct debits during the review period (2012-2016).

The industry report also analyzes several payment card markets operating in the industry, and provides exhaustive information on the number of cards in circulation, transaction values and volumes during the review period and over the forecast period (2016-2020). It also offers data on the country's challenging landscape, containing the market shares of issuers and schemes.

The study offers together GlobalData's research, modeling, and analysis expertise to allow banks and card issuers to recognize segment dynamics and ambitious advantages. The analysis also covers details of regulatory policy and new changes in the regulatory structure.

The market research also offers top-level market analysis, info and business insights into the Venezuelan cards and payments industry, containing -

- Analysis of different market drivers and regulations governing the Venezuelan cards and payments industry.

- Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.

- The challenging landscape in the Venezuelan cards and payments industry.

Key ;__BOLDKey Findings

- To reduce dependence on cash and promote electronic payments, the Venezuelan government imposed a regulation that capped daily cash withdrawals at ATMs in 2016. According to the policy, individuals can only use their own bank's ATMs, and carry out a maximum of four transactions daily to withdraw a maximum of US$1,002.5 (VEF10,000).

- Similarly, to enhance use of electronic payments, in December 2016 the government introduced a two percentage-point discount on VAT on products and services purchased using payment cards, bringing the VAT rate down from 12.0 percent to 10%. The discount only applies to transactions above US$20,050.6 (VEF200,000).

- Amid the increasing financial turmoil and hyperinflation in the country, virtual currency bitcoin is gradually gaining acceptance in Venezuela. According to Venezuelan brokerage website Surbitcoin.com, the number of users increased from 450 in August 2014 to 85,000 in November 2016. To capitalize on its growing popularity, Venezuela-based startup Cryptobuyer partnered with Visa in September 2016 to offer free bitcoin debit cards. Users can send bitcoin payments to friends and family in other countries without the involvement of intermediaries. The card can also be used to make ATM cash withdrawals and payments at POS terminals in Venezuela.

Overview

- This industry report offers a exhaustive analysis of the Venezuelan cards and payments industry.

- It offers current values for the Venezuelan cards and payments industry for 2016, and forecast figures to 2020.

- It details the distinct demographic, economic, infrastructural and business drivers affecting the Venezuelan cards and payments industry.

- It outlines the current regulatory framework in the industry.

- It details marketing strategies used by several banks and other institutions.

Great reasons to purchase

- Make tactical business decisions, using top-level historic and forecast market data, related to the Venezuelan cards and payments industry and each market within it.

- Comprehend the top market trends and growth opportunities in the Venezuelan cards and payments industry.

- Assess the ambitious dynamics in the Venezuelan cards and payments industry.

- Gain insights into marketing strategies used for different card types in Venezuela.

- Gain insights into main regulations governing the Venezuelan cards and payments industry.

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